Morningstar Properties LLC, which operates self-storage properties under the Morningstar Mini-Storage brand, has purchased four self-storage facilities in North Carolina and two in South Carolina. The new acquisitions add nearly 315,000 square feet of space and more than 2,500 units to the companys portfolio. All six will be operated under the Morningstar Mini-Storage brand name.
The company now owns and operates 27 facilities in nine states, with a high concentration in the South.
The new facilities are:
- 2527 Little Rock Road, Charlotte, N.C.The facility encompasses 61,010 square feet with 474 storage units on a 4.5-acre parcel. It was built in 2008.
- 4023 E. Franklin Blvd., Gastonia, N.C.Built in 2007, the 4-acre parcel includes 63,970 square feet of storage space and 583 units.
- 935 N. New Hope Road, Gastonia, N.C.Encompassing 40,350 square feet and 290 units on a 4.6-acre parcel, the facility was built in 2006.
- 542 Main Ave. S.E., Hickory, N.C.The facility is on a 2.9-acre parcel and includes 20,290 square feet and 255 storage units. It was built in 1994 with exterior units, then underwent a conversion in 2010.
- 930 Retail Drive, Fort Mill, S.C.Located on a 4.5-acre parcel, the facility encompasses 70,040 square feet of space and 629 storage units. It was built in 2006 and expanded in 2008.
- 2988 N. Highway 17, Mt. Pleasant, S.C.The facility includes 58,990 square feet and 379 storage units on a 8.86-acre parcel. It was built in 2002.
The property in Mt. Pleasant is Morningstars first re-entry to the Charleston region since selling its 43-property portfolio to self-storage real estate investment trust Public Storage Inc. in October 2013. The facility is undergoing a major expansion in which some existing parking spaces and drive-up units will be converted into a new, multi-story building, adding 30,000 square feet of storage space and 250 units.
These facilities are in excellent physical condition and have shown strong results recently in terms of occupancy and rental revenue, said Dave Benson, president and CEO. We expect them to be strong performers right off the bat.
Founded in North Carolina in 1981, Morningstar Properties is a vertically integrated real estate developer, owner and operator of real estate products focused primarily on self-storage and marinas in the Southeast. The company has developed, acquired and operated more than 125 self-storage projects across the country, totaling more than 8.8 million square feet. In addition to storage centers, Morningstar owns and operates 12 marinas across the Southeast and the Great Lakes region. The companys future growth is funded through Blue Doors Capital Management, an affiliated private-equity fund designated for acquisition and development of self-storage centers.